PHOENIX, AZ – CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, in partnership with Tides Equities, a leading investment firm specializing in value-add multifamily real estate throughout the Western U.S., announced that it has bought Del Mar Terrace, a 1,012-unit apartment community in Phoenix, Arizona in a $255 million off-market transaction. Del Mar Terrace is the largest market rate apartment community, based on unit count, in the greater Phoenix area, and the sale, based on price, is the second-largest, single asset, multifamily sale in Arizona history.
Originally built in 1985, Del Mar Terrace is a classic garden-style community, with 48 two-tale buildings, spread across the approximately 34.9-acre site in Phoenix s Maryvale submarket. The property offers spacious one- and two-bedroom apartment residences, with an average unit size of 709 square feet, and access to desirable community amenities including multiple resort-style swimming pools, state-of-the-art fitness center, clubhouse, playground, soccer field, and picnic areas. The Maryvale submarket provides a robust culture scene, strong school systems and simple access to top employment centers, attributes that make it an attractive residential area.
CIM Group is actively acquiring well-located apartment communities in growth markets with strong demographics, and nearby retail, entertainment and recreation amenities such as Del Mar Terrace. This is an established community where we will invest in program of improvements that will benefit current and future residents, said Shaul Kuba, Co-Founder and Principal, CIM Group.
As the largest fully market rate property in Arizona, Del Mar Terrace provides Tides Equities and CIM immediate scale in a submarket that continues to see exceedingly strong rent growth and upward trajectory. Procured off-market from the original developer in 1985, Del Mar Terrace is in uniquely classic condition and is primed for a full Tides rebrand and transformation, said Ryan Andrade, Co-Founder and Principal, Tides Equities. This buy marks Tides 57th acquisition in the greater Phoenix area and the team s 107th acquisition in the Western U.S. since 2016.
Bought from the original owner, the partnership will rebrand the community as The Tides on 71st and do an approximately $19 million capital improvement plot to renovate and upgrade this high-profile property.
Del Mar Terrace is located at 7007 W. Indian School Rd., conveniently near several premier entertainment and professional sports venues such as Gila River Arena and the Westgate Entertainment District, State Farm Stadium, and Camelback Ranch-Glendale. The property is near the I-10, US-60, and Loop 101 freeways, providing simple access to Downtown Phoenix, Downtown Glendale, Scottsdale, and Tempe, and is within a 20-minute drive to Phoenix Sky Harbor Airport.

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OREM, UT – Havenpark Communities, an operator and developer of manufactured home communities, announced it will add more than 1,000 affordable housing units across its community portfolio throughout 2022. Havenpark, which added more than 500 new affordable homes to its communities last year, is taking meaningful action to help solve America’s affordable housing crisis.
The total monthly housing cost of a brand-new home in a Havenpark community is about 30 percent less than either renting or buying a similar sized conventional home or condo. Manufactured home communities across America have been approaching full capacity, making the challenge of adequate home sites to accommodate the growing demand for affordable housing.
Havenpark Communities has already broken ground to develop more than 300 new home sites across four existing communities in Iowa, Minnesota, Ohio and Texas during 2022. These new home sites will add to the affordable housing stock and will be ready to accept delivery of homes starting in late 2022.
“As we have seen over the past several years, properly maintained manufactured homes in well-managed and favorably located communities can absolutely increase in value over time, making our homes an incredible solution for those seeking affordability while tapping the benefits of homeownership,” said Havenpark Communities CEO and Co-Founder Robbie Pratt.
Today’s manufactured homes are recognized for their outstanding features, design, and durability. “If you haven’t walked a modern manufactured home lately, you’re in for a pleasant surprise. We strongly believe that manufactured homes play a huge part of how we solve the affordable housing crisis in our country,” said Havenpark Communities Chairman and Co-Founder J. Anthony Antonelli.
Havenpark has relied on strong industry relationships to keep the supply of new homes flowing despite pandemic-related supply chain issues. “We partner with the largest manufactured home builders in the United States to deliver high-quality and exclusive floorplans that are designed to delight our customers,” said Ramie Rajabi, President of Havenpark Communities. “Our new homes are built to last approximately 40-50 years, and at a price point that fits most peoples’ budget. This arrangement allows us to pass on tremendous value and savings to our residents.”

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GREENWOOD VILLAGE, CO – Century Communities, a top 10 national homebuilder, announced that Century Living, the Company’s quick-growing national multifamily and build-for-rent division, has closed on the land and broken ground on its 425-unit Lincoln Station Apartments project in Lone Tree, CO.
Steps from light rail transportation to the broader Denver metro, the project will feature lavish amenities, ground-level retail, private courtyards, balconies on all units, plus select units with scenic views of the mountains and downtown Denver. The mixed-use development is anticipated to open and start lease-up in 2024.
“This is an exciting project that we are thrilled to see take form, encompassing market-leading amenities, floor plans and overall livability,” said Jim Francescon, President of Century Living. “And with an exceptional location just steps from light rail and adjacent to I-25, residents will find it simple to get where they need to go—from commuting to downtown or the Denver Tech Center, to abundant options for dining, shopping, entertainment and outdoor recreation.”
Century is engaged in all aspects of homebuilding, including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Colorado-based company operates in 17 states and over 40 markets across the U.S.

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